Start using this Workflow
Financial Audit Checklist
Revenue Verification
Reconcile sales records with payment gateway reports
Verify the accuracy of sales tax calculations
Ensure all sales transactions are recorded in the correct period
Review refunds and returns for proper documentation
Confirm that discounts and promotions are applied correctly
Expense Analysis
Match purchase orders with supplier invoices
Verify that all expenses are categorized correctly
Review recurring expenses for consistency and accuracy
Check for any unauthorized or unusual expenses
Ensure that all expenses have the necessary approvals
Inventory Management
Reconcile physical inventory counts with inventory records
Verify the accuracy of inventory valuation methods
Check for obsolete or slow-moving inventory items
Ensure that inventory adjustments are properly documented
Review inventory turnover ratios and analyze trends
Accounts Receivable
Confirm that customer invoices are issued promptly
Ensure accurate posting of customer payments
Review aging report and follow up on overdue accounts
Check for proper documentation of credit terms and limits
Reconcile accounts receivable ledger with general ledger
Accounts Payable
Verify that supplier invoices match purchase orders and receipts
Ensure timely and accurate payment of supplier invoices
Review accounts payable aging report for overdue payments
Confirm that all vendor credits are properly applied
Reconcile accounts payable ledger with general ledger
